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Snowden 

A  measure  proposed  to  secure  to 

the  People  a  safe  Treasure  and 

a  sound  Currency 


THE  LIBRARY 

OF 

THE  UNIVERSITY 

OF  CALIFORNIA 

LOS  ANGELES 


/I.  ty.  c^ 


1f~C,^X'44^  c.^^yC^)^t^^ 


MEASURE 


PROPOSED    TO    SECURE    TO    THE    PEOPLE 


A  Safe  Treasury 


AND 


A    SOUND     CURRENCY. 


By  James  Ross  Snowden, 

Director  of  the  Mint  of  the  U.  S. 


I 


4 

A 


MEASURE 


PROPOSED    TO    SECURE    TO    THE    PEOPLE 


A  Safe  Treasury 


AND 


A    SOUND     CURRENCY. 


By  James   Ross   Snowden, 

Director  of  the  Mint  of  tlie  U.  S. 


PHILADELPHIA: 
BENJAMIN    F.    MIFFLIN,  WALNUT    STREET. 

1857. 


613 


S^7, 


INTRODUCTIOX 


The  following  communication,  addressed  to  the  Secretary  of  the 
Treasury,  is  published  with  his  sanction. 

The  proposition  therein  considered  embraces  two  objects, 
namely : 

1.  To  authorize  certificates  to  be  issued  on  deposits  of  (jold 
hullion,  at  the  Mint  and  its  branches,  and  the  Assay  Office,  in  con- 
venient sums  at  the  option  of  the  depositor,  and  payable  to  bearer. 

2.  To  permit  similar  certificates  to  be  issued  at  the  minting  es- 
tablishments above  named,  and  at  the  Treasury  and  Assistant 
Treasuries  of  the  United  States  on  deposits  of  the  gold  coins  of  the 
United  States. 

The  Mint  is  authorized,  by  the  19th  section  of  the  general  Mint 
law,  passed  January  18th,  1837,  to  give  the  depositor  "a  certificate 
of  the  net  amount  of  his  deposit,  to  be  paid  in  coins  of  the  same 
species  of  bullion  as  that  deposited."  But  it  is  proposed  to  go 
further,  and  permit  several  certificates  to  be  issued  for  the  same 
deposit,  by  dividing  the  amount  into  such  sums  as  the  depositor 
may  wish,  and  making  them  payable  to  bearer.  It  might  be  proper 
that  neither  the  hullion  nor  the  coin  certificates  should  be  issued 
for  a  less  sum  than  twenty  dollars ;  but  this  point,  as  well  as  the 
details  of  the  plan  may,  with  propriety,  be  left  for  future  conside- 
ration. If  the  principle  suggested  is  sanctioned,  the  details  can 
be  very  readily  supplied. 

As  reference  is  made  in  this  paper  to  a  remark  in  my  last  annual 
report,  respecting  the  production  of  the  precious  metals  within  the 
last  few  years,  it  is  deemed  proper  to  insert  it  here.    After  showing 


2(M)3539 


that  the  whole  coinage  of  the  Mints,  up  to  the  30th  of  June, 
1857,  amounted  to  upwards  of  five  hundred  and  eighty-eight  mil- 
lions of  dollars,  I  observe  that  "  of  this  amount  there  has  been  re- 
ceived since  the  1st  of  January,  1849,  of  native  gold,  the  produc-  ' 
tion  of  the  United  States,  the  sum  of  four  hundred  and  two 
millions  of  dollars.  If,  in  addition  to  this  sura,  we  add  the  gold 
produced  in  Australia,  and  other  foreign  countries  during  the 
same  period^ — which  may  be  stated  to  be  about  five  hundred  mil- 
lions of  dollars,  and  the  production  of  silver  bullion  from  all 
sources,  which  is  at  the  rate  of  about  forty  millions  per  annum — 
it  will  be  seen  that  within  this  comparatively  brief  period,  the 
Avorld's  supply  of  the  precious  metals  has  been  increased  to  the 
extent  of  twelve  hundred  and  forty  millions  of  dollars.  In  view 
of  this  great  increase,  and  of  the  further  supplies  which  will  doubt- 
less for  years  to  come  be  received  from  the  same  sources,  it  may 
well  be  considered,  whether  in  a  country  so  highly  favored  with  the 
production  of  gold,  and  the  supply  of  silver  as  ours,  some  mea- 
sures should  not  be  adopted  by  which  the  people,  in  like  manner 
with  the  Government,  should  enjoy  the  advantages  of  a  specie 
currency." 

I  beg  also  to  add,  as  a  further  remark,  that  since  the  present 
communication  to  the  Secretary  of  the  Treasury  was  prepared,  the 
contingency  therein  referred  to,  of  the  probable  withdrawal  of  the 
bullion  fund  from  the  Mints,  has  happened.  As  the  Mints  are  now 
without  a  bullion  fund  in  gold,  and  great  delay  in  paying  deposi- 
tors of  gold  for  coinage  must  necessarily  take  place,  the  reasons  in 
favor  of  the  issue  of  Mint  and  Coin  certificates  are  much  strength- 
ened. On  this  point  I  refer  particularly  to  the  sixth  paragraph 
of  the  communication. 

In  concluding  these  preliminary  remarks,  I  think  it  not  inap- 
propriate to  refer  to  the  second  annual  message  of  Gen.  Jackson, 
in  which  it  will  be  seen  that  he  thought  it  practicable  and  consti- 
tutional   "  to  organize  a  branch  of  the  Treasury  Department, 


based  upon  public  aucl  individual  deposits."  The  Indei)endent 
Treasury  system  lias  most  happily  provided  for  the  security  of  the 

I  public  deposits  ;  and  established  a  constitutional  currency  for  the 

government.  AVe  will  have  advanced  further  in  the  right  direc- 
tion when  we  provide  an  equally  safe  Treasury  for  individuals; 
and  secure  to  the  people  a  paper  currency  which  will  actually  re- 
present, and  be  at  all  times  convertible  into,  gold. 

If,  in  addition  to  this  measure,  the  States  adopt  the  Indepen- 
dent Treasury  system,  then  the  country  will  substantially  possess 
the  advantages  of  a  specie  currency,  and  be  relieved  from  the  per- 
nicious influence  of  banks  of  issue.  The  banks  will  then  become 
what  they  ought  to  be,  namely,  places  where  deposits  of  money 
f  may  be  made,  drafts  purchased,  and  discounts  obtained.     Gold 

and  silver,  and"  the  undoubted  equivalent  of  the  former,  namely, 
mint  and  coin  certificates,  will  then  be  the  general  currency  of  the 
country. 

To  assist  in  the  accomplishment  of  these  desirable  results,  this 
brief  pamphlet  is  respectfully  submitted  to  the  public. 

J.  R.  S. 


Mint  of  the  United  States 


Fhiladelphia,  Dec.  24ith, 


CES,      "> 
1857.]" 


MINT  OF  THE  UNITED  STATES.  > 
rhiladttphia,  Xoveiiiber  i,  1S57.  ) 

TO  THE  HON.  HOWELL  COBB, 

Secretary  of  the  Treasury. 

Sir: 

When  I  submitted  to  your  consideration  a  propo- 
sition, relative  to  the  issue  of  certificates  on  the  de- 
posit of  gold  bullion  and  coin,  and  placed  in  your 
hands  a  brief  statement  of  some  of  the  advantages 
which  would  result  from  their  issue,  you  were  pleased 
to  indicate  a  wish,  that  I  should  present  my  views 
more  fully  on  the  subject.  In  doing  so,  I  will  notice 
some  of  the  advantages  of  the  plan  proposed;  and 
will  adopt  the  same  order  pursued  in  the  paper  I 
placed  in  your  possession. 

1 .  Security  to  the  owners  of  specie.  This  would  be 
the  same  as  that  of  the  government  for  its  own  funds, 
and  no  improvement  in  this  respect  would  probably 
be  desired.  The  advantages  of  this  security  would 
be  felt  to  be  so  great,  that  I  am  satisfied  that  large 
amounts  of  the  precious  metal  would  ultimately  be 
accumulated  in  this  way.  At  present,  the  holders 
of  coin,  beyond  what  is  immediately  needed  for 
current  use,  have  to  choose  between  private  hoarding 


8 

with  its  hazards  and  annoyances,  and  the  public 
injury  consequent  upon  its  withdrawal  from  circu- 
lation, or  its  deposit  in  a  bank,  to  be  exposed  to  the 
various  risks,  which  sad  experience  shows  to  be  inci- 
dent to  such  an  institution. 

2.  The  practice  of  hoarding  is  much  induced  hy  a 
leant  of  confidence  in  hanks  and  individucds.  If  the 
holder  of  coin  is  made  secure,  he  would,  in  most 
cases,  gladly  bring  it  forth  from  its  hiding  place,  and 
thus  relieve  himself  from  the  anxiety  and  danger 
which  arise  from  its  possession.  Robberies,  bur- 
glaries, and  murders  are  frequently  induced  by  the 
practice  of  hoarding.  It  is  believed  that  the  plan 
proposed  would  check  this  injurious  habit. 

3.  The  specie  thus  deposited  would  not  he  with- 
draitm  from  circulation.  On  the  contrary,  it  would  be 
as  available  as  if  it  remained  in  actual  circulation. 
The  specie  certificates,  representing  as  they  would 
dollar  for  dollar,  would  be  as  advantageous,  for  the  pur- 
pose of  currency,  as  the  coin  itself.  For  making  pay- 
ments to  the  government,  and  for  domestic  exchanges, 
and  in  other  large  monied  transactions,  they  would  be 
more  convenient  than  coin,  by  reason  of  their  porta- 
bility, the  readiness  by  which  they  could  be  counted, 
and  their  facility  of  transmission. 

4.  The  specie  thus  deposited  looidd  constitute  a  great 
reserve,  to  he  ivithdraiun,  at  any  time  ivhen  a  special  de- 
mand for  coin  might  arise,  without  the  slightest  disturhance 
of  the  commerce,  finances,  or  loan  market  of  the  country. 
This  is  undoubtedlv  a  most  beneficial  feature:  and 


that  it  may  be  better  uiiderstoocl,  a  brief  reference 
to  the  usual  causes  of  wliat  is  called  a  financial 
crisis,  is  appropriate.  Such  a  crisis  we  find,  in  this 
country,  almost  always  to  happen  in  consequence  of  an 
unusual  demand,  or  tlie  apprehension  of  sucli  demand, 
for  coin.  This  demand  is  chiefly  induced  by  an  excess 
or  redundancy  of  paper  currency  and  credits,  evidenced 
in  the  first  instance  by  a  demand  for  coin  for  expor- 
tation. Under  a  proper  system  of  currency,  namely, 
one  of  specie,  the  exportation  of  coin  cannot  be 
regarded  as  injurious.  Gold,  under  such  circum- 
stances, would  go  wherever  it  is  required,  just  as  cot- 
ton, wheat,  or  any  other  production  of  the  soil  does. — 
But  whilst  we  rejoice  at  the  exportation  of  these  agri- 
cultural productions,  we  evince  great  reluctance  in 
parting  with  gold.  This  is  a  consequence  of  the  false 
artificial  system  which  has  been  imposed  on  the  com- 
munity ;  and  to  this  we  must  look  for  an  explanation. 
We  shall  find  it  in  the  organization  of  our  banks.  These 
institutions  are  mainly  the  repositories  of  the  specie  of 
the  country,  except  what  is  in  current  circulation  and  in 
the  vaults  of  the  government.  On  the  basis  of  this 
specie  they  obligate  themselves  to  pay,  on  demand,  to 
their  depositors  and  note  holders,  in  coin,  an  amount 
from  six  to  ten  times,  or  more,  the  total  value  of  the 
specie  actually  in  hand.  This  disparity  of  immediate 
means  to  immediate  liabihties  is  so  great,  that  in  case 
their  creditors,  or  any  considerable  proportion  of  them 
demand  the  specie,  the  banks  must  fail  to  pay.  But 
even  what  is  comparatively  an  insignificant  call  for 
coin,  and  does  not  cause  the  faiku'e  of  the  banks, 
may,  nevertheless  produce  great  disasters  to  the  busi- 
ness operations  of  the  country.     The  banks,  conscious 


10 

of  their  inability  to  withstand  a  demand  upon  them, 
endeavor  to  check  its  first  symptoms,  and  to  protect 
themselves,  by   calling  in   their   loans,  or   collecting 
them  as  they  fall  due,  and  refusing  the  discounts  to 
which  the  merchants  and  manufacturers  have  been 
accustomed.     Such  a  contraction  of  loans,  to  a  com- 
munity which  has  based  its  business  on  the  expecta- 
tion of  them,  must  necessarily  prove  eminently  disas- 
trous.    How  often  have  we  seen  a  slightly  increased 
demand  for  specie  on  the  banks,  growing  out  of,  per- 
haps, the  accident  of  a  foreign  war,  or  an  unusual  im- 
port of  foreign  goods,  bring  in  its  train  that  contrac- 
tion of  the  loan  market  which  eventuates  in  a  paraly- 
sis of  credit  and  business,  and  the  prostration  of  the 
merchant,  manufacturer,  mechanic  and  laboring  man  1 
But  without  enlarging  on  this  topic,  I  think  it  will 
readily  be  seen  that  it  would  prove  a  great  benefit  if 
the  demand  for  specie  did  not  operate,  as  it  now  does, 
upon    the  banks,  or  in  other  words,  upon  the  loan 
market.     By  the  adoption  of  the  plan  under  considera- 
tion, I  am  of  opinion  that  any  unusual  drain  of  coin 
for  foreign  exportation  or  otherwise,  would  operate 
mainly,  if  not  solely,  on  these  mint  and  coin  certifi- 
cates.    If  so,  it  is  evident  that  the  banks  could  con- 
tinue their  usual  functions  without  being  disturbed  by 
such  a  demand.     The  loan  market  w^ould  not  be  aff'ect- 
ed  in  any  degree,  and  the  panics  and  financial  disas- 
ters, now  so  constantly  attendant  upon  the  movement 
of  specie,  would  cease.     These  views,  of  course,  are 
predicated  upon  the  idea  that  the  certificates  herein 
noticed  are  not  to  be  counted  by  the  banks  as  specie.* 
It  is  not   designed   to  aftect  the  legislation  of  the 
several  States  on  this  subject,  which  permits  only  the 


11 

coin  of  the  United  States  to  be  so  counted.  Hence 
the  certificates  could  not  be  vised  as  a  means  of  bank- 
ing operations,  but  as  a  circulating  currency  them- 
selves. The  gold  which  they  would  represent  would 
be  the  great  reserve,  to  be  used  when  the  special  de- 
mand for  it  should  arise. 

5.  ThepJan^  hij  substituting  iiajjer  for  specie  placed  on 
deposit,  ivill  avoid  the  loss  incident  to  the  ivear,  clipping 
and  other  injuries  to  coin,  through  circidation.  This  in 
time  constitutes  quite  a  considerable  item  of  loss,  and 
ultimately  eventuates  in  a  degradation  of  the  stan- 
dard by  diminishing  the  weight,  or  involves  the  ex- 
pense of  re-coinage.  A  re-coinage  ordered  by  the 
English  government  was  commenced  in  1774,  and 
ended  in  1788.  During  that  period  the  coinage  was 
£18,000,000.  Probably  three-fourths  of  this  amount 
were  pieces  re-coined.  The  deficit  of  weight  was  an 
expense  to  the  government  of  £500,000 — about  3  J 
per  cent.  Many  of  these  pieces,  it  is  true,  had  been 
in  circulation  for  a  very  long  period.  But  a  loss  by 
wear  is  unavoidable,  inasmuch  as  the  metals  used 
must  be  sufiiciently  malleable  to  be  rolled,  cut  into 
planchets,  and  milled,  and  receive  the  impression  from 
the  dies  at  a  sins'le  blow. 


"&' 


6.  The  plan  icould  obviate  the  necessity  of  a  govern- 
ment bullion  fund  being  retained  at  the  Mints,  In  ex- 
planation of  this  remark,  I  mention  that  depositors  of 
bullion  are  now  paid  immediately  after  the  values  of 
their  deposits  are  determined  by  an  assay,  say  in  two 
or  three  days,  although  it  takes  as  many  weeks  to 
manufacture  their  bullion  into  coin  when  it  is  brought 


12 

to  the  Mint  in  its  natural  or  unrefined  condition.  The 
g-overnment  advances  to  the  Mints  and  the  Assaj- 
Office  the  funds  necessary  to  aflect  such  prompt  pay- 
ments ;  and  it  is  found  that  for  all  the  establishments 
about  five  millions  of  dollars  are  required.  But  under 
the  proposed  plan  so  large  an  amount  of  the  deposits 
would  remain  permanently  on  hand  uncalled  for,  that 
these  government  advances  could  be  withdrawn  with- 
out any  inconvenience,  which  in  the  present  state 
of  the  treasury  would  be  highly  advantageous,  and 
seems,  indeed,  in  any  contingency,  to  be  desirable. 

7.  It  may  he  allecjed  that  the  proposed  certificates 
icould  substitute  a  government  pa2^er  currency  for  a  specie 
currency.  To  this  I  remark,  that  such  an  objection 
is  founded  on  an  abuse  of  terms.  A  paper  currency, 
in  the  sense  generally  understood,  and  to  which  all 
the  objections  to  such  a  circulation  apply,  is  one 
emitted  upon  the  mere  general  credit  of  the  issuers, 
whether  individuals,  banks  or  governments.  As  to 
banks,  their  principal  object  is  profit  to  their  stock- 
holders. The  more  of  their  credit  they  can  lend,  the 
greater  profits  accrue.  Hence  they  are  stimulated  to 
outrun  each  other  in  the  career  of  expansion,  foster- 
ing a  spirit  of  speculation  and  high  prices,  which  in- 
duces increased  applications  for  discounts  until  the 
currency  becomes  redundant ;  when  some  apparently 
trivial  cause  exposes  the  instability  of  the  system,  and 
brings  on  a  reaction,  producing  ruin  and  destruction 
to  all  the  industrial  pursuits  of  the  community.  It 
is  unnecessary,  however,  to  discuss  the  evils  of  the 
banking  system.  The  present  unhappy  condition  of 
the  country  speaks,  on  this  point,  more  forcibly  than 


13 

words.  But  none  of  the  evils  thus  adverted  to  can 
be  produced  by  the  certificates  T  am  now  considering, 
because  they  will  not  be  based  upon  the  credit  of  the 
issuers,  but  upon  deposits  of  bullion  and  coin.  They 
will,  in  fact,  be  merely  receipts  for  bullion  and  coin. 
There  cannot  be  an  over-issue  of  them  any  more  than 
the  specie,  for  which  they  are  receipts,  could  be  an 
over-issue  while  in  circulation.  Nor  could  their  emis- 
sion have  any  further  tendency  to  inflate  prices  or 
encourage  speculation  than  such  specie  itself. 

8.  It  is  proposed  tJiat  the  certificates  he  made  pai/a- 
hle  to  hearer^  and  not  to  order.  For  manifest  reasons 
the  former  will  be  the  most  expedient,  both  as  facili- 
tating the  currency  of  the  certificates,  and  relieving 
the  government  and  its  officers  from  responsibility  or 
uneasiness,  in  relation  to  the  genuineness  or  validity 
of  endorsements. 

9.  It  may  he  admitted  that  tlie  plan  loill  involve  some 
risk,  and  p>erhaps  expense  to  the  government.  With 
proper  guards  and  checks,  such  as  are  used  in  carry- 
ing into  effect  the  Independent  Treasury  system,  and 
such  further  securities  as  may  be  deemed  expedient, 
the  risk  may  be  regarded  as  inconsiderable,  and  the 
expense  but  trifling.  The  official  organization  for  the 
execution  of  it  is,  at  present,  complete;  some  addi- 
tional clerical  services  may,  on  experience,  be  found 
necessary,  which  could  be  provided  for  as  the  exigen- 
cies of  the  case  may,  from  time  to  time,  arise.  But 
if  the  risk  and  expense  are  made  a  subject  of  ob- 
jection— allowing  them  more  force  than  they  seem  to 
possess — it  may  be  asked  by  way  of  reply,  whether  it 


14 

does  not  become  necessary  for  the  government  to  as- 
sume a  responsibility  and  expense  to  accomplish  a 
great  constitutional  object  and  an  evident  public 
benefit,  as  is  done  in  other  cases  where  its  action  is 
deemed  expedient. 

As  a  general  remark,  I  may  state,  that  the  adoption 
of  the  plan  proposed  will  give  to  the  people  the  ben- 
efits of  a  system  similar,  in  many  respects,  to  the  ad- 
mirable one  now  used  by  the  government.  It  looks 
towards  the  adoption,  by  the  people,  as  well  as  the 
government,  of  specie  or  its  undoubted  representative, 
as  the  general  medium  of  currency  and  exchange. 
It  will,  also,  in  my  judgment,  lead  to  the  establish- 
ment of  similar  coin  treasuries  in  the  several  States. 

In  my  recent  report  to  the  Department  on  the 
operations  of  the  Mint,  I  have  exhibited  the  amazing 
increase  in  the  world's  supply  of  the  precious  metals 
within  the  last  few  years.  I  will  not  enter  upon  this 
subject  here ;  but  I  refer  to  it  in  this  connexion  for 
the  purpose  of  showing  that  if  we  create  a  demand 
for  coin,  we  can  have  it  to  any  amount  that  the  busi- 
ness of  the  country  requires. ' 

The  project  I  have  been  considering  is  not  abso- 
lutely unsupported  by  precedents.  Banks,  according 
to  their  primitive  organization,  and  before  they  be- 
came vitiated  with  the  privilege  of  issuing  paper 
money,  were  mere  depositories  for  bullion  and  coin, 
securing  to  the  depositor  a  credit  exactly  equal  to 
such  deposits.  The  banks  of  Venice  and  Amsterdam 
were  such;  and  the  Bank  of  Hamburg  still  remains 
on  that  footing.  To  show  the  exceeding  commercial 
convenience  of  the  plan,  it  appears  that  the  credits  in 
the  banks  of  Venice  and  Amsterdam,  always  bore  a 


15 

premium  as  compared  with  coin  up  to  the  time  of 
their  subversion  under  the  French  Revolution.  The 
Bank  of  England  also,  under  its  late  re-charter,  em- 
braces some  features  assimilated  to  the  proposed  plan. 
It  has  the  privilege,  it  is  true,  to  issue  notes  on  its 
general  credit  up  to  the  sum  of  £14.000.000  ;  but  all 
notes  issued  beyond  that  sum  can  only  be  in  excliange 
for  an  equivalent  amount  of  bullion  brought  to  the 
bank.  Its  functions  in  regard  to  such  additional  is- 
sues are  therefore  absolutely  mechanical,  as  much  so 
as  would  be  the  case  under  the  proposed  plan  of  issu- 
ing specie  certificates.  It  was  the  intention  of  the 
authors  of  the  new  bank  charter — which  was  intro- 
duced by  Sir  Robert  Peel,  and  prepared  by  him  and 
other  eminent  political  economists  of  Great  Britain — 
that  the  volume  of  the  currency  should  swell  and  di- 
minish just  as  specie  would  were  there  no  bank.  As 
specie  accumulates,  it  goes  to  the  bank  to  be  ex- 
changed for  an  exactly  equivalent  amount  of  notes. 
As  specie  is  demanded,  it  is  withdrawn  by  the  notes 
being  returned  again.  Tliis  result  appears  to  have 
been  thus  far  secured.  There  are,  however,  objec- 
tions to  the  English  system,  growing  out  of  other 
features  of  the  organization  of  the  bank,  especially 
the  power  to  issue  the  large  amount  of  £14.000.000 
on  "  securities,"  which  may  probably  disappoint  the 
expectations  of  its  authors.  The  plan  I  herein  advo- 
cate has  all  the  benefits  and  none  of  the  disadvantages 
or  evils  of  the  institutions  referred  to. 

As  to  the  power  of  Congress  to  authorize  the  is- 
suing of  the  proposed  bullion  and  coin  certificates,  I 
have  no  doubt.  It  is  not  a  bank  that  is  suggested  or 
anything  like  one.     No  power  to  loan,  to  discount,  or 


16 

deal  in  exchanges,  or  transact  any  other  business,  is 
asked  for;  but  simply  the  mechanical  function  of  re- 
ceiving gold  bullion  and  coin,  and  giving  certificates 
therefor.  Without  looking  to  the  other  and  more  gen- 
eral provisions  in  the  Constitution,  this  power  would 
seem  to  be  embraced  in  the  constitutional  recognition 
of  "  a  treasury  of  the  United  States,"  and  the  power 
"  to  coin  money ;  regulate  the  value  thereof,  and  of 
foreign  coin." 

I  remark,  in  conclusion,  that  this  subject  was  re- 
cently brought  to  my  special  attention  by  James 
Worrell,  Esq.,  of  Harrisburg,  who  sent  me  a  copy 
of  a  resolution  adopted  by  the  Senate  of  Pennsylvania, 
in  which  a  part  of  the  plan  herein  considered, 
namely,  the  use  of  Mint  Certificates,  as  a  circulating 
medium,  was  recommended,  and  who  asked  my  views 
upon  the  subject.  It  will  be  observed  that  I  have  con- 
sidered this  point  in  connexion  with  that  of  securing 
deposits  of  coin  at  the  Mints  and  Treasury  offices  of 
the  United  States.  I  have  deemed  it  proper,  for 
obvious  reasons,  to  communicate  my  views  upon  these 
subjects  to  the  Treasury  Department. 

I  beg  to  express  the  hope,  that  the  plan  suggested 
may  receive  the  sanction  of  the  government,  and  of 
Congress,  and  thus  secure  to  the  people  the  benefits 
of  a  safe  treasury,  and  a  sound  currency. 

I  have  the  honor  to  be,  with  great  respect,  your 
faithful  Servant, 

JAMES  ROSS  SNOWDEN, 

Director  of  the  Mini. 


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